Explained: Why the Eastern Economic Forum matters for India

News:Indian Prime Minister has announced to extend a $1 billion line of credit towards the development of the Russian Far East.This was announced at the 5th Eastern Economic Forum (EEF) in Vladivostok,Russia.

Facts:

About Eastern Economic Forum(EEF)

• The Eastern Economic Forum was established by Decree of the Russian President in 2015.
• In accordance with the Decree, the Eastern Economic Forum takes place each year in Vladivostok,Russia.
• The purpose of the forum is to support the economic development of Russia’s Far East and to expand international cooperation in the Asia-Pacific region.
• The events at the Forum traditionally take place in the form of panel sessions, roundtables, televised debates, business breakfasts, and business dialogues devoted to Russia’s relationships with various countries.

Russian Far East:

• Russian Far East comprises the eastern Russian territory between Lake Baikal in eastern Siberia and the Pacific Ocean.
• The Far East region shares land borders with Mongolia, China and North Korea to its south.Further,it shares maritime borders with Japan to its southeast and with the United States to its northeast.
• Russian Far East is a resource rich region in a hostile climate.It is rich in oil, natural gas, timber, gold and diamonds among other resources.

India and Eastern Economic forum(EEF):

• India was the first country to open a consulate in Vladivostok in 1992 after realising the geostrategic significance of Russian Far East.
• Further, India and Russia are planning to expand the level of trade between the two countries. Hence,an area of special interest for India is the exploration of hydrocarbon reserves along the coast of Russia’s Far East.